Bennelong Long Short Equity Management proposal to combine funds
The Absolute Equity Performance fund (AEG) has received a non-binding proposal from Bennelong Long Short Equity Management (BLESM) to amalgamate the fund and an unlisted managed investment scheme.
In an announcement to the Australian Securities Exchange (ASX) AEG said the scheme was the Bennelong Market Neutral (BMN) fund.
BLESM is the investment manager of both funds.
“BLESM indicates the proposal is designed to eliminate the share price discount due to the difference between AEG’s net tangible asset position and its current share price, and improving liquidity,” the announcement said.
“As part of the proposal, AEG shareholders would receive units in BMN and ultimately AEX would be wound up.
“The proposal would require appropriate AEG shareholder approval and the support of BMN.”
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.